QIA also known as Qatar Investment Authority in its expanded form, has invested a significant fund of $250 million in a Series D funding round in the British-Indian serial entrepreneur Sachin Dev Duggal’s Builder.ai.
Sachin Duggal is the founder and CEO of Builder.ai, also known as Chief Wizard of Builder.ai, a human-assisted AI platform that makes building and running software as easy as ordering pizza. In 2012, he started Builder.ai to enable anyone to build or construct any concept, without the requirement for coding knowledge and without wasting time, money, and resources.
New or existing investors such as Iconiq Capital, Jungle Ventures, and Insight Partners also participated in the round. The latest round has marked a 1.8x valuation for the company. However, in March 2022 the company was able to raise $100 million in Series C funding. The valuation has not yet been disclosed by the company. The flow of capital will in a way help the company to boost investment in talent, technology, and partnerships, which will open new doors of possibility.
According to Sachin Dev Duggal, his company has already started investing in AI and automation, which will subsequently improve the ongoing work with more advancements and efficiency, empowering customers more and at the same time responsibly using new frontier technology.
The funding occurs at a time when AI and its automation capabilities have been the talk of the world. Builder.ai claims that it has doubled its revenue in the last year. Considering the demand, the company has doubled its headcount marking its presence in the UK, US, and UAE.
QIA considers the investment to be a fruitful one, with regard to Builder.ai’s innovative technology for a future of substantial growth. The investment is in line with QIA's objective of assisting forward-thinking businesses that are influencing the direction of the world economy. Thus, the funding of QIA in a way denotes the growing demand for AI and the capability and expertise of Builder.ai’s no-code technology in app development.